Income Tax Act Section 43CA Provisions Effective Since April 1, 2014

Alif Construction Vs ITO (ITAT Mumbai) ITAT Mumbai held that provisions of Section 43CA of the Income Tax Act are effective only from 1st April 2014. Accordingly, the same are not applicable when part payment was received in 2010. Facts- The Assessee being a partnership firm engaged in the business of construction activities as a builder and developer, had shown its total income at Rs. Nil by filing its return of income for the AY under consideration on dated 26.11.2014, which was selected for scrutiny under CASS. During the assessment proceedings, AO on verification of copy of sale agreements...